Thursday, June 28, 2007

Retirement: Not What it Used to Be 

Filed As:  Budget and TaxEmployment

Do people who work for government "sacrifice" to serve the common good?

Listen to this news from the Chickashaw News, of Oklahoma:

After 40 years in state government service, Clifton Scott traded in a five-figure salary for a six-figure retirement check.

Now he draws both, collecting $146,000 a year in a government pension for a job where his final salary was $82,004, as well as $77,000 a year in his post-retirement job as secretary for the Commissioners of the Land Office ....

Ray Don Jackson had careers as both a district attorney, with an ending annual salary of $93,980, and a judge. Now he draws pensions for both, making more than $113,117 a year in retirement pay ....

Simply remarkable ... and outrageous. Worse than individual stories, though, are the burdens that taxpayers across the country will be carrying to fulfill the political promises made by politicians in past decades. Again, from the report:

The public employees system, of which Scott and Jackson are both members, has about 24,000 retirees and more than 45,000 active members and is about $2.2 billion underfunded

Add in teacher funds and other obligations, and taxpayers in Oklahoma may be looking at $10 billion in unfunded obligations. The pattern is repeated elsewhere.

 

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